The Bismarck Tribune Newspaper, December 20, 1934, Page 2

2 INCOME BOOST IS HELD ANSWER T0 BUDGET PROBLEM Economist Reviews. Theories on Which Various Arguments Are Based BY COLLIS STOCKING | Department of Economics New York University Within a few weeks the president will submit his annual budget mes- sage to congress. Since our national debt has been increasing at an ex- tremely rapid rate during the past few years the matter of budget making has become a question of more than casual concern. The atmosphere is already fraught with sharply con- flicting opinions and public discord. ‘The critics, both carping and sympe- thetic, are tuning up for the medley of controversy which will probably reach a crescendo about the time the budget is presented. Many critics, dominated by & bookkeeping philosophy, refer to the federal balance sheet and insist that the growing deficit is prima facie evidence of gross governmental ex- travagance. More sympathetic critics attempt to refute such a claim by an analysis of the items and by pointing out the fact that much of the government's indebtedness is more than compensated for by an increase in the earning assets owned by the government. They also call attention to the amount and sound- ness of the securities received in re- turn for loans which the government has extended to heel Reta en- terprises in need of assistance. Stress ‘Social Values’ ‘There are still other critics who in- sist that what they call “social values” should be considered above all other questions in connection with govern- mental expenditures. They point to the thwarted hopes and shattered lives of an enormous proportion of the citizenry and maintain that no advanced nation can reasonably and safely desert its unfortunates during &@ period of critical need. Such critics reject the contention that business confidence must be restored if such confidence is to be purchased only at the price of denying the hopes of those who have gained a new Tease on life k>cause of governmental generosity. ive of the pros and cons there is little pussibility of govern- mental expenditures being seriously curtailed in the near future. And The first members appointed by President Roosevelt to his committee charged with drafting legislation to take. private profit out of war were Bernard M. Baruch (right) and General Hugh Johnson, pictured outside the White House, where they attended a conference. Baruch, chairman of the new committee and wartime head of the War Indus tries Board, favors federal erawiee prices and profits below peace time level, ‘KINGRISH’ TO FACE HEAVY LIBEL SUNT Senator Long Must Stand Trial on Charges Filed by Sam- uel T. Ansell Washington, Dec. 20.—()—The District of Columbia supreme court, ruled Thursday that Senator Huey Long of Louisiana must face trial on the $500,000 libel suit filed against him by’ Samuel T. Ansell. Justice Peyton Gordon, who de- livered the opinion, rejected Long’s in spite of possible revisions of taxes it is inevitable that much of the funds employed will be derived from bor- rowing operations. This means that for some time yet to come we may expect our national debt to continue our national debt, ex- the present time some issues of U. &, treasury notes are quoted at a price to yield less than one per cent, and government bonds are : last our reached in the fifth year of the worst depression we have ever experienced, seem small indeed. the period in which we have accumulated a ten billion dollar increase in our national debt, our na- ‘tional income has fallen from approx- imately 85 billion, to 35 billion dol- lars. If eventually anything resembling Prosperity is restored, the increase of our national income for a single year would easily exceed the whole of our national debt. Confronted as we have been dur- ing the past few years with steadily governmental expendi- an obligation to seriously con- consequences. At the same id not allow our con- querulous question of “how are we going to pay the bill?” will be con- vincingly answered. . Long’s Legislature Enacts 31 New Laws pee ‘ 4 f ai ; claim that his senate nition entitled se to immunity from the libel ac- ion, Ansell, a former judge advocate general of the army, was counsel for the senate committee which investi- gated the election of Senator John H. Overton of Louisiana. Attorneys said the decision meant that Ansell’s suit against Long would go to trial soon unless the senator files an appeal. Long already has taken one appeal to the United States supreme court in a vain effort to avoid trial. Soon after Ansell began the litiga- tion, Long protested he could not be sued because the constitution pro- tected @ member of congress from arrest while attending a session of the legislative body. Light Snow General Over North Dakota (By The Associated Press) A light snow blanketed North Da- kota Thursday as weather bureau of- fictals predicted probably. occasional ‘snow and “not so cold tonight” in the central and northeast portion of the the state. Precipitation was greatest at Grand Forks where .14-inch was recorded. Fargo reported .08-inch snow, Bis- marek, Minot and Devils Lake, .04, Jamestown .02 and Williston .01. Colder weather was in prospect for ‘the extreme western portion Friday. Minimum temperatures overnight ranged from two below to 12 degrees above zero. The coldest, was at Devils Lake where the mercury dropped two degrees below zero. It Fargo and Williston reporting 12 above, Bismarck 10, Jamestown 6, Grand Forks 5. Maximum temperatures W. only Fa pken fcon £8.96 argo to 20.61 Wile Since 1912, when he killed a Michangelo Genticore (above) hag worked as a cobbler in the Minne. sota priso: at Stillwator to sup port his victim’s widew. When he 'e pardoned December 22, Genti. core will be deported to italy— Sweetheart who hae waited 22 yearn for him, sociated Press Photo) is LEMKE CONFIDENT OF BILL SUCCESS Congressman Predicts Con- gress Will Pass Currency- Refinance Measure Washington, Dec. 20.—(7}—A pre- diction that the Frazier-Lemke bill to refinance farm mortgages through issuance of new currency would be passed at the coming session of con- gress was made Thursday by Repre- sentative Lemke (Rep. N. D.), co- author of the measure. Lemke returned to Washington pre- pared to fight not only for passage of this bill, which he said he would re-introduce immediately after the house convenes, but for government guarantee of cost of production for the farmer. . “There is more sentiment among the people for these bills than there ever was,” Lemke said. Neither measure was permitted to reach a vote in the last congress. Lemke branded the agricultural ad- Justment act as a failure and express- ed wonderment that “such ignorance” could be so long accepted. TWO DEATHS ADDED TON. D. AUTO TOLL Fatal Injuries of Rolla Man and Griggs County Farmer Make 1934 Total 118 Fargo, N. D., Dec. 20.—(#)—Report of two more fatalities in automobile accidents Thursday brought the yearly toll to 118. A year ago deaths were 120, one under the record 121 registered for the entire year. Mrs. William Juntenen, 27, Rolla, » Craig, 35, Bottineau, also was fatally burned. Luis Stone, 48-year-old Griggs county farmer, will be buried Cooperstown Thursday after funeral services. He was killed Monday even- ing one half mile east of town on highway 7 when brakes on his car locked, upsetting the ma- chine. Stone suffered a broken neck, fractured jaw, torn scalp and a over the jugular vein. No arrangements have been Pleted for Mrs. Juntenen’s. funeral. Besides her husband and father she is survived by two children. Farmer Crushed to X POWER ‘YARDSTICK’ THREAT BROADENS Government Funds for Other Projects Besides New York Lighting Seen hinges on proof that municipal plants can operate cheaper than private ones —the New York dropped two definite hints: 1..That New York City into the power business to tricity direct to jo 2. That “many, many more mu- nicipal enterprises” in other parts of New York state may be created if power interests continue to demand excessive rates. ‘The short, vehement “fusionist” might go sell elec- “| President Roosevelt and Secretary Ickes, he was exuberant over the out AS paign for cheaper rates took the form of this threat to the very heart of the private power industry Wednesday, utility securities sold off. MOVE LAUNCHED 10 HALT PROCESS TAX Ranking Hou Republican Files Bill to Do Away With Benefit Payments Washington, Dec. 20.—(7}—A move for abolishment of the benefit pay- ments under the farm administra- tion's program which have added millions of dollars to the farmers’ in- come was launched Thursday in con- gress. Representative Treadway of Massa~ chusetts, ranking Republican member of the house ways and means commit- tee, announced he had filed with the Collections $15,154,224 $28,112,523 1,365,804 Paying Heavily 32,113,498 8,866,007 eee Eee Fe * Glenview Fe i i r ef : F i Hi PEE iF | i E ree £F ie g ff Pf Hy = i? alti! peprensers i t fir a E Ree é i, i fe ial i i & E i B é F 5 ‘ i E i EE E : i bed Enité gRey iss v: xX Local news is. supplied by a staff-of competent of special representatives, This assures The Next North Dakota Legislative Session Officially Opens January 8, 1935 This coming session will be important tory for North Dakota, - s You will want to keep posted on legisla- tive matters, to learn through our special staff of Capital News Gatherers the daily happen- ings and watch the trend of events as they are worked out by those to whom you have dele- gated these important tasks. The Bismarck Tribune Is a newspaper that will bring to your home each day the exact news of the legislative as- sembly, uncolored and unbiased, it reporters and The Tribune’s trade territory is covered by a staff The Tribune’s leadership in reader interest in all its territory. Seven fine comics are published daily in addition to an editorial page cartoon, “Out Our Way,” and Major Hoople. Interesting special features are offered The Tribune’s readers as they become available. Sports news is covered by a competent staff and all phases of sport activity, local, state and national, are pre- sented. Markets and stock quotations are furnished Bismarck Tribune readers daily by the Associated Press. Woman interest is sustained by personal social news items. by fashion and health articles. Other features of interest to women are covered The editorial page is aggressively constructive in behalf of Bismarck and its trade territory. 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